ValuEngine Downgrades Arconic (NYSE:ARNC) to Sell

Arconic (NYSE:ARNC) was downgraded by equities researchers at ValuEngine from a “hold” rating to a “sell” rating in a report released on Thursday, ValuEngine reports.

Several other equities research analysts have also weighed in on the stock. Jefferies Financial Group increased their target price on shares of Arconic from $23.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Morgan Stanley increased their target price on shares of Arconic from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. Longbow Research lowered shares of Arconic from a “buy” rating to a “neutral” rating in a report on Thursday, July 18th. Goldman Sachs Group upgraded shares of Arconic from a “neutral” rating to a “buy” rating and increased their target price for the stock from $21.00 to $26.00 in a report on Thursday, May 2nd. Finally, Cowen reiterated a “hold” rating and issued a $24.00 target price on shares of Arconic in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $23.47.

Get Arconic alerts:

ARNC stock traded down $0.60 during midday trading on Thursday, reaching $23.76. The company’s stock had a trading volume of 4,908,393 shares, compared to its average volume of 2,084,064. Arconic has a 52 week low of $15.63 and a 52 week high of $26.40. The stock has a market capitalization of $11.23 billion, a PE ratio of 17.47 and a beta of 1.50. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.94 and a current ratio of 1.65. The stock’s 50-day moving average price is $25.10.

Arconic (NYSE:ARNC) last announced its quarterly earnings data on Friday, August 2nd. The basic materials company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. Arconic had a net margin of 4.86% and a return on equity of 13.53%. The firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same period last year, the firm earned $0.37 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. Analysts predict that Arconic will post 1.88 earnings per share for the current year.

Several large investors have recently modified their holdings of the stock. FMR LLC increased its stake in Arconic by 6,482.8% in the 4th quarter. FMR LLC now owns 4,526,809 shares of the basic materials company’s stock valued at $76,322,000 after buying an additional 4,458,042 shares during the last quarter. Norges Bank acquired a new stake in Arconic in the 4th quarter valued at $42,750,000. Deroy & Devereaux Private Investment Counsel Inc. acquired a new stake in Arconic in the 1st quarter valued at $20,767,000. First Trust Advisors LP acquired a new stake in Arconic in the 2nd quarter valued at $25,790,000. Finally, State of New Jersey Common Pension Fund D increased its stake in Arconic by 28.9% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 2,900,000 shares of the basic materials company’s stock valued at $55,419,000 after buying an additional 650,000 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Arconic

Arconic Inc engineers, manufactures, and sells lightweight metals worldwide. The company operate in three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions segment produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts for aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets.